The ROI on Running a Booth or Exhibit at a Cannabis Expo
The cannabis business is bracing for a record-breaking year in 2022. Cannabis events provide a significant opportunity for companies around the nation as more states legalize the plant. As an entrepreneur or a business partner, attending the appropriate trade show assures that you will meet interested customers and business partners. You need to understand the costs and potential revenue at these exhibits or displays. You should attend these events if you want to be a part of the American cannabis industry.
You may choose to attend one or more of these Cannabis trade exhibits based on your business requirements. Examine the scope of these trade show events if your organization is in the same or a comparable sector, and although this list should be enough for a pilot study, your marketing team should conduct more research. Plan your event participation immediately by contacting an experienced booth design business that can assist you in maximizing the return on your marketing efforts via trendy cannabis booth designs.
Tips to maximize ROI at a cannabis expo
As the cannabis sector expands in the United States, businesses and experts increasingly attend, exhibit, or speak at cannabis conferences designed to connect industry professionals in ways other than dabbing. You’ll get to interact with legislators working on marijuana policy changes, entrepreneurs unveiling the following revolutionary products and other industry insiders at conferences and expositions.
After deciding which cannabis expo to attend, you’ll need to consider what you’ll need to maximize your ROI and the conference registration costs. The return on investment is a metric that compares a company’s earnings to its expenditure or investments. The formula is as follows:
ROI = * 100%
The following is a checklist of items every individual or company considers at a cannabis conference to boost their ROI, including some more specific things that people forget or overlook.
Create many printed marketing materials
When it comes to acquiring leads, printed marketing materials like business cards and flyers are crucial. The conventional business card is the most frequent kind of print material, but there’s a lot more to it than just being a business card. Flyers, brochures, and branded freebies such as postcards or stickers are examples of print material that you may use to enlighten prospective leads about you and your organization and, as a result, optimize your effect at the event.
Business cards do not need re-invention. Any business owner has one for potential partners and investors. A package of 500 new business cards costs around $9.99, and it may be the most acceptable investment you ever make. Bring the complete package if you’re attending a trade fair. You’ll meet many people, and if one of those cards results in a sale, a business collaboration, or the publication of a terrific piece about your firm, it’s money well spent.
Don’t underestimate the impact of an eye-catching booth. If you are an exhibitor or sponsor, constructing the ideal booth that captures visitors’ attention is vital to the success of your conference attendance. Your budget and creativity will determine the kind of booth you have. Several companies at cannabis conferences are available to assist you with trade show booth design and construction. Absolute Exhibits, Displays2Go, and ExpoDepot, are a few providers to consider. The following are different booth designs, each with another pricing point:
- Budget-Friendly: If your budget is limited, concentrate on making your booth distinctive and pleasant. You may hire a sofa, a rug, and a lovely coffee table to provide a comfortable spot for participants to unwind and converse with your employees.
- Portable Displays: Portable displays are self-contained booths, from pop-up back wall displays to banner stands. Portable screens vary in price from $700 to upwards of $15,000, with a potential return of $10,000 to $20,000.
- Modular Inline Exhibitions: Include unique headers, backgrounds, and workstations, and strike a balance between simplicity and complexity. Additionally, they may include visual displays. Since they are very configurable, their prices vary from $7,000 to more than $60,000.
- Custom Island Exhibits: It requires much more effort to put up or professional assistance and may be rather costly. They include components such as enormous headers with vibrant graphics, workstations, curving towers, and video walls. Such a booth might range from $15,000 to more than $125,000.
For instance, if you hire portable displays for $10,000 and get clients that pay for a package or sample for $17,520 in that event, your ROI will be:
ROI = * 100%
ROI = * 100%
ROI = 75.2%
Benefits of running a booth at a cannabis expo
It enhances your brand awareness. Brand awareness refers to how people are acquainted with your brand’s distinguishing characteristics or image and its products. Whether you’re a new firm or have been in the industry for a while, developing brand recognition is a continual marketing effort. Your company will expand by being at the forefront of people’s minds when a need is identified at many Cannabis expositions and conferences.
It enhances your business network. If you are a cannabis entrepreneur or contemplating investing in such an industry, strolling around the many booths and attending the conferences will provide you with a wealth of information through various networks. You’ll get the chance to learn from some of the industry’s top executives and even create connections.
The cannabis conferences and exhibits may generate significant revenue depending on your samples. Numerous cannabis expos let exhibitors sell their goods or services on-site during the conference. Depending on the nature of your product, it may be prudent to maintain inventory for in-person transactions. If and when you run out of stock, offer a means for customers to buy your items online and have them sent.
Having a pre-determined conference promotion with discounted rates is an excellent method to boost conference sales. You can enhance the value of your products by establishing a picture booth and offering consumers an additional discount if they share the photograph with a caption on social media. Additionally, future promotions may assist in luring your consumer to make a buy after the conference.
Why choose us?
At Lucky Leaf Expo, we are committed to offering life-changing experiences via cannabis events that provide educational, networking, and business development opportunities. Contact us to learn more about the Lucky Leaf approach and register for an expo near you.